Bricker attorney Caleb Bell presents New Community Authority Financing to Richmond Heights
Presenting on behalf of Woodland Hills, California-based developer DealPoint Merrill at a Richmond Heights, Ohio, Committee-of-the-Whole meeting Tuesday, February 25, Bricker attorney Caleb Bell discussed a New Community Authority (NCA) financing mechanism for the $200 million Belle Oaks at Richmond project, as reported by a recent cleveland.com article. Bell says a NCA puts a city at less risk than other, traditional forms of financing. If used, the NCA would be the first of its kind in Northeast Ohio. Bell will present again at Council’s March 24 meeting to discuss the possibility of forming a committee comprised of city residents and representatives of the developer who would together, as a public-private partnership (P3), oversee the finances of the area included in the proposed development site.